6 JULY 1991, Page 23

. . . Navy Blue Arrow

THE Blue Arrow trial is heading for its ninetieth day and looks more and more like the City equivalent of the latest naval court-martial. She was found in his cabin, wearing no more than he was, but no impropriety was alleged, only conduct to the prejudice of good order and discipline, so what were they doing? Dealing? And did it require the laborious apparatus of the court? That, for Blue Arrow, is now reckoned to cost £30 million, which is a high price, even for learning that National Westminster's disrespectful managers cal- led their chief executive Teflon Tom. That is hard on Tom Frost — senior bankers have to delegate: look at Sir Non-sticholas Goodison.